Journalist
Posted:
- Solana has become the network with the highest stablecoin transfer volume.
- SOL is up more than 3% and is trading around $75.
Lately Solana [SOL] has experienced notable upward trends in several key metrics, with the stablecoins metric being the most recent to show an upward trend.
Solana tops the stablecoin transfer volume chart
Based on AMBCrypto’s analysis of Artemis Data shows that both stablecoin market capitalization and stablecoin growth on Solana have shown an increase.
The stablecoin metric showed a notable increase in inflows, especially in December, surpassing previous months’ levels. This was the first time in months that such a consistent inflow volume was observed.
Furthermore, the market capitalization of stablecoins showed a significant upward trend in December. At the time of writing this was over $1.7 billion, a level last seen in March.
Source: Artemis
Another one Artemis The chart shows that Solana has consistently been among the top three networks with the highest stablecoin transfer volume since mid-October.
The transfer volume exceeded US$10 billion and has been steadily increasing. Notably, Solana recently claimed the top spot as the network with the highest transfer volume.
According to the chart, stablecoin transfer volume over the past seven days was $36.12 billion.
The graph also shows that the economy has seen the highest growth rate in the last 198 days. Within this period, the transfer volume was approximately $66.5 billion.
Solana volume and TVL maintain the uptrend
Analysis of the volume graph on DefiLlama showed continued volume growth since the rebound began in December. In recent days, volume has consistently exceeded $500 million.
Moreover, it has passed $900 million in the past two days, approaching the billion-dollar mark.
Moreover, the Total Value Locked (TVL) has shown a continued upward trend, maintaining its trajectory since reaching the $1 billion mark. This was evident from the fluctuating but increasing pattern on the map.
The TVL was approximately $1.08 billion at the time of writing.
The SOL trend
At the time of writing, Solana was recovering from losses in the previous trading session. The daily timeframe chart showed the price at around $75, reflecting an increase of over 3%.
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Furthermore, the Relative Strength Index (RSI) has continued its trend above 60 after a recent decline.
Source: TradingView
Given its current trajectory and barring any abrupt price drops, it can probably be concluded that SOL will end the year above $6. Optimistically, it could end the year in the $70 price range, or even higher.